Since 2019, Cavan Monaghan has operated a Community Improvement Plan(CIP).
The program was initially available to businesses operating in the Millbrook settlement area but later expanded to include businesses throughout the municipality. This program provides financial incentives to support private community development initiatives that stimulate economic growth.
Public funding under the program can provide up to a maximum of 50% of project costs with upside limits ranging from $5,000 to $10,000 per applicant. To date, grants have represented roughly 20% of spending for approved projects, stimulating on average five dollars of private investment for every grant dollar spent.
Projects that have been assisted by this funding include new signage, building exterior improvements and the creation of outdoor patio spaces. Community benefits include beautification and restoration of buildings, the revitalization of existing buildings and spaces, rejuvenation and the creation of new uses for existing buildings, and connection and integration of businesses in the area.
CIP program available funding for the 2024 was $59,718, including unspent allocations from previous years. Projects valued $37,400 in June and anotherfor$3,000were approved last year,leaving$7,743 in the capital pool at the end of the year. With the 2025 budget allocation of$25,000, there is now$32,743available for CIP projects across the township.
Rather than establish intake periods that restrict the flow of potential applications, last month Council agreed to accept applications on a first come, first serve basis to the limit of the available funding for this year.
Subsidizes alone cannot entice business owners to invest in their businesses. Current economic uncertainty and persistent rising costs are significant barriers to owner’s decisions to make capital investments. Evidence indicates that Community Improvement programs like this one can be powerful tools to encourage specific investments that can improve the beauty, viability and functionality of neighbourhoods and businesses.
To learn more or to book a pre-consulting meeting with township staff prior to submitting an application, contact Economic and Community Development Co-Ordinator Brigid Ayotte atbayotte@cavanmonghan.netor call 705-932-9339.